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SMMT
@SMMT
, 13 tweets, 8 min read Read on Twitter
THREAD 👇 13 automotive #Brexit myths – busted

MYTH 1: The automotive industry shouldn’t worry about leaving the EU with #nodeal

TRUTH: Leaving without a deal would trigger the most seismic shift in trading conditions UK Automotive has ever experienced smmt.co.uk/2019/03/13-aut…
MYTH 2: This is just the automotive industry scaremongering

TRUTH: This is a cyclical sector & other issues are also undermining global growth but companies surveyed said Brexit was costing jobs & competitiveness smmt.co.uk/2019/03/13-aut…
MYTH 3: Industry is blaming Brexit but the problem is falling diesel sales & the slowdown in global markets

TRUTH: These are issues challenging the global industry but uncertainty is causing investors to look elsewhere smmt.co.uk/2019/03/13-aut…
MYTH 4: The EU market is in decline & growth markets are in the emerging economies.

TRUTH: The EU, which accounts for more than half of our trade, is a 15 million-strong car market on our doorstep smmt.co.uk/2019/03/13-aut…
MYTH 5: A fall in the pound makes exporting cheaper

TRUTH: Sterling devaluation may make exporting cheaper, but it makes automotive manufacturing more expensive & will not offset the cost of tariffs smmt.co.uk/2019/03/13-aut…
MYTH 6: A ‘#nodeal’ Brexit will help reduce car prices & increase choice

TRUTH: Unless UK reaches agreement with the EU, tariffs will increase. If prices rise the market will contract causing consumer choice to shrink smmt.co.uk/2019/03/13-aut…
MYTH 7: EU rules stifle innovation – we will be better off without them

TRUTH: If the UK wants to sell cars to the EU & other global markets, it must comply with these rules. We currently have a say in their creation. smmt.co.uk/2019/03/13-aut…
MYTH 8: Leaving with #nodeal will mean more automotive jobs for British people

TRUTH: ‘No deal’ will cost jobs, not create them. Thousands of cuts have already been announced with 1 in 8 companies reducing headcount smmt.co.uk/2019/03/13-aut…
MYTH 9: We can readily strike trade deals with big global automotive markets

TRUTH: Recent announcements have shown how difficult it is to replicate trade deals. Free trade agreements take many years to negotiate smmt.co.uk/2019/03/13-aut…
MYTH 10: Tariffs would give UK auto manufacturers a competitive advantage at home

TRUTH: 12% of cars sold here in the UK are built here. We export more than 80% of the cars we produce smmt.co.uk/2019/03/13-aut…
MYTH 11: UK could use import tariffs to support the industry

TRUTH Using tariffs to support domestic industry is strictly regulated under WTO rules. Some financial support is allowed but other countries could retaliate smmt.co.uk/2019/03/13-aut…
MYTH 12: The German car industry sells 750k cars in the UK – it will demand a deal to protect its own interests

TRUTH: German & EU car industries have been clear: the single market matters more than a deal with the UK smmt.co.uk/2019/03/13-aut…
MYTH 13: The demise of UK auto manufacturing would be a price worth paying for ‘#nodeal’

TRUTH: Auto manufacturing delivers an annual £82bn to the Treasury, employs 186,000 people & is 13% of the UK’s export in goods smmt.co.uk/2019/03/13-aut…
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